Argentine Law Enforcement Dismantles Two Major Cybercrime Cases Involving Cryptocurrencies with TRM Labs’ Assistance

Overview

In a significant week for Argentine law enforcement, two separate cybercrime cases were dismantled by the Attorney General’s Office of the Province of Buenos Aires. The investigations, led by the Departamento de Ciberdelitos (Cybercrime Department) and the Unidad Fiscal Especializada en Ciberdelincuencia (UFEIC), involved the use of cryptocurrencies and received crucial assistance from blockchain intelligence company, TRM Labs.

First Case: Transnational Cybercrime Syndicate

Investigation Targets

The first case targeted a transnational cybercriminal syndicate that defrauded citizens across Argentina and Latin America using malware. Over 500 individuals within the Attorney General’s office, the Ministry of National Security, National Department of Investigations against Organized Crime, Argentine Federal Police, and Interpol collaborated in the investigation.

Impact and Results

The suspects distributed malware that infected victims’ computers, stole approximately $1.5 million worth of assets, and laundered the funds by converting them into cryptocurrencies. The investigation resulted in over sixty raids, thirty arrests, and the seizure of around $170,000 worth of confiscated cryptocurrencies.

Importance of TRM Labs

TRM Labs’ blockchain intelligence tool played a crucial role in tracing the fraud proceeds from international and Argentine Virtual Asset Service Providers (VASPs), through unhosted wallets, to cash-out points at international VASPs.

“Without the excellent blockchain intelligence tool provided by TRM Labs, it would have been very challenging to advance this successful operation,” said lead prosecutor Rafael García Borda.

Second Case: False Investment Scheme

Investigation Details

In the second case, led by UFEIC, a false investment scheme was uncovered. The investigation resulted in the largest cryptocurrency seizure in Argentine history.

Impact and Results

The investigative team tracked over fifty cryptocurrency wallets spread across five different blockchains. TRM Labs’ forensic tool effectively bypassed decentralized wallets, revealing the destination wallets.

Significance

These cases demonstrate the importance of advanced blockchain intelligence in combating financial cybercrime and underscore the critical role played by TRM Labs in supporting international law enforcement efforts.